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Risk Analysis and Hazard Mitigation - Essay Example

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Risk Analysis and Hazard Mitigation Insert Name Institution Risk management is essential for any particular project or business due to the various probable risks and contingency risks as well. In fundamental nature, risk management is an anticipation of likely challenges, which demands an objective assessment of the environment that the project is set to be implemented…
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Risk Analysis and Hazard Mitigation
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"Risk Analysis and Hazard Mitigation"

Download file to see previous pages In this case, my organization’s building complex is the project for which risk mitigation actions are required. First, the project is to be subjected to a thorough risk assessment individually by the project management personnel. The risks assessed are to be compiled into one entity. Risk handling is determined by the nature of the risks identified and the personnel assigned particular risks to monitor, especially those that are not transferred in nature. The personnel’s duty is to monitor the identified risk and report to the risk management team and initiate response actions in respect to that particular risk. A detailed description of the risk is provided to enhance teamwork since precise information is key to the success of risk management through effective communication among the team members. In fact, at this stage the main objective is to identify risks and provide a detailed description to be used to determine potential and most appropriate solutions (riskinstitute.org). I would employ the five methods of risk identification for the building complex project. First, documentation reviews would be quite essential in order to determine the complications caused by the apparent risks and other related requirements as well. For instance, a review of the project design and the planned implementation would be best tackled by the use of this method. Consequently, identifying inconsistencies between the proposed activities and alternative practices with projects’s internal operations would be easily handled. In addition, this would facilitate an effective means to identify and solve any conflict in the process of risk management activities. The success of this activity is absolutely dependent on effective information gathering. Information gathering method entails thorough brainstorming, interviewing the persons involved and analyzing the cause of every particular risk identified. To obtain the most possible volume of ideas, I would employ brainstorming and interviewing since external and internal parties involved in the project would make an equal contribution. This would enable a team work spirit since the project owners, shareholders and the end users or rather clients are given an opportunity to provide their insights, which could not be identified without involving them in the process. Overall, the concept is a SWOT analytical approach to potential challenges to the project. This enhances project management since a breakdown of the information gathered through interviews and brainstorming activities is applied in the most appropriate way to tackle the risks identified. Additionally check list analysis is another method I would use to solve the multiple tasks, which are similar in nature fro this project. For instance, one on one interview with customers on their concerns in regards to the project would gather information on every aspect that affects them directly on completion of the project. Therefore, it would be appropriate to conduct interviews on all issues either correctly or sub-divide them for respective issues. In either way, the activity seeks to gather the customers' point of view on the project and interview correspondence would provide first hand information thus appropriate for other related aspects of the project that require customers input. Finally, I would employ ...Download file to see next pagesRead More
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